Stock Market News

Forte Energy to acquire uranium assets in Slovakia

Forte Energy is set to acquire the uranium assets of European Uranium Resources (EUR), creating a diversified, larger scale globally focused exploration and development company.

The sale price is equivalent to C$8.5m, in addition to which Forte will subscribe for 1.11m shares of EUR for a total of C$0.1m. EUR will also be granted a 1% production royalty over the licences.

Forte said the transaction would add 'significant' assets to its development portfolio.

EUR has two project areas in Slovakia, namely Kuriskova and Novoveska Huta, of which Kuriskova is the most advanced. The projects cover an area of around 39.7 square kilometres.

Managing Director of Forte, Mark Reilly, said: "The acquisition [...] creates a uranium explorer and developer with not only an enhanced portfolio of project interests but also the technical expertise and financial strength to advance its assets towards production. In addition, the combined business will benefit from deeper technical expertise and a board with experience in developing and building numerous projects.

"Europe is the world's largest per capita consumer of uranium and through this acquisition Forte will be well-positioned to take advantage of this in its pursuit to grow and become a premier African and European uranium company."

Stock News is provided by Digital Look Corporate Solutions from Sharecast news.
Please read the terms and conditions of useage of this data. Republication or redistribution of content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Digital Look Ltd.

Get a free widget for your website with our latest headlines.

You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.